Datakom objects to share reduction

Datakom objects to share reduction

JAKARTA (JP): PT Datakom Asia opposed on Tuesday the decline
in its ownership in private television station SCTV to 26.85
percent from 47.5 percent.

The company's lawyer, Hotman Paris Hutapea, said the decision
to cut its ownership in the station had no valid legal ground.

"The dilution in the ownership has a legal defect. Datakom
Asia still has a 47.5 percent stake in SCTV," Hotman told
journalists.

The shareholders were scheduled to hold a meeting late on
Tuesday to approve the new composition of the share ownership in
the station. But the meeting was canceled as Datakom
representatives opposed the change.

SCTV's shareholders agreed in late November to enlarge the
television station's capital by Rp 100 billion in a bid to
strengthen its capital base. All shareholders were required to
provide the fresh funds on a proportional base but Datacom failed
to meet its commitment. As a consequence, its ownership was
reduced to 26.85 percent.

PT Mitrasari Persada's share ownership, however, increased to
73.15 percent from 52.5 percent previously.

PT Datakom Asia is owned by businessman Peter Gonta; Mitrasari
by securities company Bhakti Investama and businessmen Henry
Pribadi and Sudwikatmono.

Bhakti Investama is known as a local securities company that
serves as one of the investment vehicles of prominent American
fund manager George Soros.

Hotman insisted that the shareholders' meeting in November was
not legally acceptable and dismissed Datakom had agreed to the Rp
100 billion capital injection plan.

"The November shareholders' meeting only had 50 percent
shareholder approval whereas the company's articles require at
least 66.67 percent approval," he said.(udi)